You’ve two choices: you can look at the current social and economic upheaval and hope for the best, or you can take meaningful steps with an eye toward the future. For instance, now is an opportunity to rethink total rewards and the whole employee experience – your company’s success depends on it.
But if you’ve learned anything during this pandemic, it’s that agility is king.So, the ability to swiftly pivot needs to be baked into your rewards strategy, which should be based on data and analytics.
Having said that, here’smore on what you need to know about reshaping your employee rewards strategy.
What is Meant by Total Rewards?
Total rewards is all the compensation, rewards and benefits employees get from their employers, including wages and bonuses and even career opportunities, recognition, and workplace flexibility.
Aren’t Great Pay and Benefits … Everything?
Admittedly, those ARE up there, in terms of what it takes to get talent to join your organization, perform optimally, and stay on with you. After all, equitable and fair pay has been in the news a lot lately. Pay practices are duly atop many people’s mind.
However, pay and benefits aren’t the whole thing – far from it. For example, a recent study by HR consultant Mercer found that half of employees wish to work for a company that provides “responsible” rewards. What’s more, 37% indicated that strong corporate values, mission, and purpose motivate them. And you do want motivated employees, don’t you?
The bottom line is that employees’ expectations and needs have changed. And the proverbial ball is in your court.
How Can Mercer Assist Me?
Mercer is an established, reputable HR consultant with deep knowledge in employeetotal rewards. It can help you attract, keep, and motivate your employees by:
- Putting together a total rewards strategy. Mercer utilizes analytics to figure out your workforce and fill skills gaps. A superior, tailored employee rewards strategy will also foster an engaged workforce that will want to hang tight with you.
- Building agility with the right mechanisms. Mercer can produce a skills-enabled career framework that pulls in key HR functions. The agility comes in by having a job architecture that matches pay and benefits with positions, career tracks, and labor markets.
- Getting the most from incentive investments. You likely know by now that you need to incorporate digital, flexible, and remote models into your total rewards strategy. The pandemic has revealed that. Mercer will help you “get with the program”to make your workforce more adaptable, increase performance, and make sure you gain optimally from your incentive investments.
What is Mercer’s Approach?
Here is Mercer’s perspective when putting together total rewards strategies: first, it considers multiple views — those of the company, employee, expense, and the market.
Also, Mercer’s approach is driven by data – extremely important. The consultant can point to precisely what moved it to make a recommendation. That means assessing employee attitudes and behavior.
Another key aspect of Mercer’s approach is that it targets internal segments that have needs and values that may differ from the rest of the workforce.
Finally, Mercer helps to spur employee engagement with a rewards program that’ll get him or her to change their ways – for the better.
The bottom line is that employees’ needs, and expectations have broadened — and you need the ability to quickly address them. That requires agility grounded in data and analytics that a company like Mercer can provide, along with a holistic, purpose-driven rewards strategy that will also optimize returns on incentive investments.